QR Relay Platform
QR Relay Platform
Medium, signed a contract to establish a digital currency (CBDC) payment service, a global QR simple payment relay platform
Background
As the trend of introducing CBDCs in each country, including China’s DCEP, is spreading, the need to introduce distributed ledger technology in the digital payment field such as exchange and settlement of digital currencies between countries is increasing.
In response, the Korean government is also implementing a project to introduce CBDC, focusing on the Bank of Korea, and simultaneously responding to the introduction of CBDCs with commercial banks and IT technology companies.
※ CBDC in South Korea
The Bank of Korea's CBDC preparation status
- Inspect functions necessary for CBDC manufacturing-issuance-return-disposal, etc.
- Development of Privacy Technology & Preparing for Offline Payment
- Conduct pilot tests for extended functional technologies such as purchasing digital assets
- Discussion of participation in the introduction of CBDC with commercial banks.
Technical issue of introducing CBDC.
1) The adoption of CBDC of the digital QR payment system, which is becoming common worldwide, is underway, but the development of related technologies is not supported, making it difficult to implement commercial services.
2) The performance of the most popular Public Blockchain (ETH) is far lower than customer demand, causing problems such as increased processing time and cost.
- The world's fastest medium blockchain (capable of processing 15,000 transaction per second) has high performance-based service stability and cost advantage.
- Medium was selected as a technology supplier for the CBDC in the QR relay platform.
1)Signed a contract to build a blockchain-based Korea-China QR payment platform with SWEPT Foundation in June 2021
2)Completed strategic business agreement (MOU) with Doobitnaraesoft, a leading QR relay platform company (6/17)
3)Blockchain mutual settlement / digital currency issuance and verification project of QR payment relay service platform
4)A review of blockchain technology for the purpose of responding to CBDCs is in progress for the next-generation terminal dedicated to the QR relay platform, which is being promoted by Korea Financial Telecommunications and Clearings Institute, Doobitnaraesoft, etc.
5)15,000 taxis with excellent accessibility to consumers (Daegu area) After completing the QR payment pilot test, start developing blockchain technology
6)Expanded to a QR payment relay platform that can pay CBDC between Korea and China
expectation effectiveness
1) Applying QR Digital Currency (CBDC) payment of high-performance blockchain
> Normal - Stable payment processing up to data overcrowding (ex. vacation season/weekends, etc.)
2) Global QR payment mutual settlement system expansion
>> QR payment to CBDC of each country when using local payment services for overseas travelers between countries
>> Service area can be expanded after Korea-China region introduction
(Medium Distributed Ledger)
Hyperledger Fabric based high-performance blockchain platform 'MDL'
1. While boasting perfect compatibility with fabric, it stably provides 15,000 TPS-class processing speed.
2. The usability is maximized through the 'MDL Manager' that allows users to easily install and monitor and manage the blockchain.
Product and Technical Inquiries : biz@themedium.io
